Crude oil prices continued to fall today, with WTI futures dropping below $102, while Brent crude is near $107.
As of 6:39 p.m. Thai time, the West Texas Intermediate Crude Oil (WTI) contract was delivered in May. It traded on the NYMEX minus $5.86, or 5.43%, to $101.96/barrel. The price of Brent crude oil (BRENT) minus $6.45, or 5.69%, to $107.00 a barrel.
The price of oil fell After the White House revealed President Joe Biden is set to release a statement today on its plans to drain its reserves to curb the surge in oil prices. and alleviating energy shortages in the US After Russia sent troops to invade Ukraine.
Biden will unveil a plan to drain 180 million barrels of oil from the Strategic Reserves (SPR), where 1 million barrels per day will be drained for six months.
Such measures are in place. amid a record drop in the popularity of President Biden before the US midterm elections in November
The oil drain from the reserve marks the third time in six months and the second since Russia’s Feb. 24 invasion of Ukraine.
Investors keep an eye on the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies. Or OPEC Plus today, it is expected that OPEC Plus will continue to adhere to the original agreement. with a slight increase in oil production for May
OPEC Plus will hold a meeting on oil production policy for May. which is an online meeting and will begin at 6:30 p.m. Thai time
OPEC Plus previously agreed to increase oil production by only 400,000 barrels per day every month. Since August 2021 and is scheduled to gradually increase production slightly to 432,000 barrels per day in May.
The United States and several other oil-importing nations have called for OPEC+ to increase production beyond current levels. while oil prices rose above $139/barrel this month. This is the highest level since 2008 following Russia’s military invasion of Ukraine.
The source revealed that Saudi Arabia encourages OPEC+ to stick to the original resolution. because they do not want to signal conflict with Russia which is also a member of OPEC Plus
